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Date: Mon, 19 Nov 2001 15:46:48 -0800 (PST)
From: ei_editor@platts.com
To: einsighttext@listserv.platts.com
Subject: Is global public opinion fair to the oil majors?
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Energy Insight News for Tuesday, November 20, 2001
Is global public opinion fair to the oil majors?
When the price of oil goes down but the price of gasoline does not, when it
is revealed how much money certain oil companies have contributed to
political parties, when it appears that an energy project might pose some
kind of environmental threat-that's when public opinion turns hostile to the
oil majors. And, increasingly, the public is not content just to criticize.
So what should oil companies be doing about this?
"It is very hard to exclude any petroleum-rich country ... from the risk of
being made the object of sanctions, initiated for reasons of alleged
environmental, human, or animal rights, health and safety, or ethnic or
religious affiliation reasons," said Thomas Walde, professor of energy law
at Dundee University in the UK at a recent conference in London on
international sanctions.
He went on to consider the development of what he called 'consumer
sanctions,' the kind of economic boycott that in Europe has focused on
gasoline prices, or the wider 'Stop Esso/Exxon' campaign, which blames the
oil giant for its contribution to global warming.
Walde attributed this mobilization of "private economic power" to a
news-hungry media. "Issues and developments around the world are-and will
increasingly be-ready to become instant fodder for the enormous appetites of
the media industry, with its needs for crisis, anxiety, anger and the
appearance of 'action' to satisfy the sentiments triggered," he said.
He warned that companies must heed the raised voice of public opinion
because consumer or environmental groups' actions could move from economic
boycotts to concerted action. He used the expression "value groups" for
those recently evolved groups motivated to take action in support of their
chosen causes. Read the entire story at http://www.energyinsight.com.
Also, catch the latest news headlines on Energy Insight Executive, updated
twice daily.
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Market Brief Monday, November 19
Stocks Close Change % Change
DJIA 9,976.47 109.5 1.11%
DJ 15 Util. 288.62 (2.7) -0.92%
NASDAQ 1,934.42 35.84 1.89%
S&P 500 1,151.06 12.4 1.09%
Market Vols Close Change % Change
AMEX (000) 130,063 (4,015.0) -2.99%
NASDAQ (000) 1,915,096 205,698.0 12.03%
NYSE (000) 1,304,804 (42,497.0) -3.15%
Commodities Close Change % Change
Crude Oil (Dec) 17.72 (0.31) -1.72%
Heating Oil (Dec) 0.525 0.003 0.61%
Nat. Gas (Henry) 2.815 0.178 6.75%
Propane (Dec) 29.25 (1.75) -5.65%
Palo Verde (Dec) 26.25 0.00 0.00%
COB (Dec) 31.50 0.00 0.00%
PJM (Dec) 27.60 0.10 0.36%
Dollar US $ Close Change % Change
Australia $ 1.914 (0.003) -0.16%
Canada $ 1.59 (0.002) -0.13%
Germany Dmark 2.22 0.010 0.45%
Euro 0.8786 (0.005) -0.61%
Japan ?en 123.3 0.400 0.33%
Mexico NP 9.15 (0.050) -0.54%
UK Pound 0.7072 0.0066 0.94%
Foreign Indices Close Change % Change
Arg MerVal 218.14 (1.50) -0.68%
Austr All Ord. 3,267.30 9.80 0.30%
Braz Bovespa 12987.23 104.41 0.81%
Can TSE 300 7422.75 107.45 1.47%
Germany DAX 5185.1 122.46 2.42%
HK HangSeng 11360.26 72.89 0.65%
Japan Nikkei 225 10727.94 78.85 0.74%
Mexico IPC 5699.19 (13.27) -0.23%
UK FTSE 100 5,338.00 47.00 0.89%
Source: Yahoo! & TradingDay.com
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Executive News
Florida Power to add 500-MW gas-fired plant to complex
Florida Power Monday announced plans to add a 500-MW, gas-fired plant to its
Hines Energy Complex in Polk County, Fla. If approved, the new plant will
come on-line in November 2005. The Hines facility is home to a 529-MW plant
that came on-line in 1999 and a 530-MW plant due to go into service in 2003.
The company's plan for increasing electric capacity in the state currently
calls for a gas-fired combined cycle power plant on the site, but the
company said it will issue a request for proposals on Nov. 26, to identify
any possible alternative solutions. President and CEO Bill Habermeyer said
that bids received from qualified bidders would be compared with the option
of an additional Hines plant on price, dispatch capability, flexibility and
reliability of the power offered.
Georgia co-ops form green power buying group
Thirteen electric cooperative utilities in Georgia have established a green
power-buying group. The Green Power Electric Membership Corp. will procure
renewable energy for sale to the co-op's retail customers beginning late
next year. The group Monday said it would buy 13 MW from four landfill-gas
generation units being developed in the state by Energy Developments. The
plants will come on-line in late 2002 and early 2003. Green Power also hopes
to buy energy from wind, solar and hydro suppliers as demand grows. The
co-ops will sell the green power in 150-kWh blocks at a monthly premium of
$3-$5. The co-ops serve 630,000 retail users in the state and Green Power
officials say other cooperatives may join the venture.
To subscribe to our Executive News Service, which is updated twice daily,
log on to http://www.energyinsight.com, or contact Platt's Direct Response
Team at 1-800-424-2908 (if outside the United States call 1-720-548-5700).
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